WASHINGTON (dpa-AFX) - Oceaneering International, Inc. (OII) Tuesday reported an increase in profit for the first quarter, helped mainly by higher revenues.
Net income for the quarter increased to $74.8 million or $0.69 per share from $51.5 million or $0.47 per share in the prior year quarter. On average, 23 analysts polled by Thomson Reuters expected the company to earn $0.60 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter was $718.55 million, up from $594.89 million in the comparable quarter last year, while seventeen analysts expected revenues of $713.32 million.
Looking ahead to the second quarter, the company has forecast earnings in the range of $0.81 to $0.86 per share. Analysts currently expect second quarter earnings of $0.83 per share.
Looking ahead to the fiscal year 2013, the company is raising its earnings to a range of $3.10 to $3.30 per share from its prior range of $3.00 to $3.25 per share. Analysts currently expect the company to earn $3.22 per share for 2013.
Separately, the company announced that its Board of Directors declared a regular quarterly dividend of $0.12 per common share, an increase from its prior quarterly dividend of $0.18 per share. The dividend is payable June 20, 2013 to shareholders of record at the close of business on May 31, 2013.
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